Rarely have things been as challenging for UK small-business owners, sole traders, and freelancers.

In 2023 business failures hit their highest level since 1993.

This came amidst continued rising inflation and the end of the government’s pandemic support schemes.

The latter may have kept many businesses going in 2021 and 2022 but provided only short-term relief to those on the brink.

The good news is UK inflation fell to 1.7% in the year to September 2024.

Shortly after came the new Labour government’s first Budget, with Chancellor Rachel Reeves announcing measures to raise tax revenues by £40 billion. While some businesses welcomed the planned investment in public services and infrastructure, many were concerned that businesses were largely footing the bill.

So, what if your business is in trouble?

There are no guarantees, but you may be able to overcome the challenges you face, however big. Many other small businesses have weathered storms, including some that have become among the world’s most successful companies. It won’t be easy, but it can be done.

We’ll continue to support your small business by making sure that you have free information intended to help you overcome challenges and build a better future for you and your business. In that spirit, we bring you this 10-step business survival guide, based on exclusive practical insight provided by leading small-business experts. You can also read stories of other small UK businesses that have overcome big challenges, which we hope will provide you with extra inspiration to succeed.

Best of luck!